"This was not supposed to happen. Markets were supposed to be more liquid thanks to ample central bank accommodation and the electronification of financial markets. But it may well be these forces that have resulted in the fragility of market liquidity."
We gave the EMs low rates on the reserve currency, then discovered that taxpayers had no intention of paying the debt, so rates suddenly jumped. The left the EMs holding the bag, for now, but the devaluation phase is arriving at the US border and we gonna have camptown time.
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